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Major US indices open lower
US dollar exhibits strength in response to recent declines
Wall Street starts on a downward trend, reflecting mixed European trading
WTI crude dips below $78
Gold maintains resilience above $2,300 amid hawkish Fed tones
The opening bell on Wall Street rang out with a somber note as major US stock indices dipped into negative territory. This downward trend was mirrored across the Atlantic, following a mixed bag of trading in Europe. Notably, small-cap stocks took a hit, trailing behind their larger counterparts as the session commenced.
Currencies
the US dollar displayed notable strength in the initial hours of the trading day. However, this surge is largely perceived as a rebound from the declines witnessed in the first week of May, subsequent to a brief consolidation phase towards the end of April.
Gold
Despite an early dip to the $2,310 range on Wednesday, gold swiftly rebounded, inching towards the $2,320 mark. The hawkish rhetoric emanating from Federal Reserve policymakers contributed to a slight uptick in US Treasury bond yields, might create some headwinds for gold's bullish momentum.
Oil
The oil market experienced a downturn following unexpected remarks from Iran regarding potential output increases. WTI crude oil prices slipped below the $78 threshold, signaling a trajectory towards the $75 mark.
